All Accounting & Auditing articles – Page 38
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Article
Micron appoints chief accounting officer
Micron Technology has appointed Paul Marosvari to the newly created role of vice president and chief accounting officer.
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ArticleFASB votes to approve standard delays, including CECL
FASB has voted to approve a previously proposed delay to its upcoming rule change for credit losses, in addition to standards for hedging and leasing.
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ArticlePCAOB swaps board members, faces whistleblower report
The SEC has ousted Kathleen Hamm as a board member at the PCAOB, replacing her with White House aide Rebekah Goshorn Jurata. The swap, along with a whistleblower report, signal internal strife at the audit regulator.
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ArticleEx-PCAOB leader gets prison time for role central to KPMG scandal
Former PCAOB Inspections Leader Jeffrey Wada was sentenced to nine months in prison for providing the confidential information central to the long-running KPMG inspections scandal.
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ArticleIRS updates guidance on tax treatment of virtual currencies
As part of a wider effort to assist taxpayers, the Internal Revenue Service has issued two new pieces of guidance for those who engage in transactions involving virtual currency.
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ArticleProPetro shuffles leadership team amid accounting probe
ProPetro Holding has announced a shuffling of its executive leadership team following the completion of a review conducted by its audit committee into a series of internal control failures.
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ArticleBDO warns about state of ‘broken’ U.K. audit market
The head of one of the United Kingdom’s biggest accountancy firms has said the audit market is “clearly broken” and “trust needs to be restored,” though how that should be done is “not clear.”
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Article
Report: Nissan stopped audit chief’s plan to expand misconduct probe
A high-ranking Nissan executive reportedly quashed a recommendation to establish a special committee to determine whether any additional disciplinary actions were necessary surrounding allegations of financial misconduct.
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ArticleFormer KPMG co-lead pleads guilty in inspections scandal
Former KPMG partner David Britt pleaded guilty to one count of conspiracy to commit wire fraud as the fallout from the cheating scandal that has plagued the firm for nearly two years appears to be nearing its conclusion.
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Article
Oversight Systems expands audit and risk management offering
Employee spend management platform Oversight Systems announced the launch of its new General Ledger module.
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ArticleStudy: Small firms more likely to report ineffective ICFR
A recent study from Audit Analytics that analyzed SOX 404 disclosures in the past 15 years reveals some interesting trends surrounding large and small companies’ internal control over financial reporting.
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ArticleFRC investigates EY over Thomas Cook’s books
The U.K. Financial Reporting Council is investigating EY over the audit work it carried out at travel firm Thomas Cook, which recently declared bankruptcy.
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ArticleSEC ends accounting probe into PPG
PPG announced the SEC and Department of Justice have ended their investigation into alleged accounting irregularities by the company and will not be issuing a financial or any other penalty.
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ArticleProposed bill targets FASB rulemaking procedures
Rep. Blaine Luetkemeyer (R-Mo.) on Friday introduced a bill that would subject the Financial Accounting Standards Board to the rulemaking guidelines of federal financial regulators.
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ArticleMylan finalizes $30M EpiPen settlement with SEC
Mylan has finalized a previously disclosed $30 million settlement with the SEC for alleged accounting and disclosure failures surrounding its popular EpiPen.
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Article
SEC: PwC to pay $8M for auditor independence violations
PwC will pay approximately $8 million in monetary relief to settle charges with the SEC for allegedly violating auditor independence rules and engaging in improper professional conduct.
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ArticleHouse approves PCAOB whistleblower program
The U.S. House of Representatives has passed a bill to move the creation of a whistleblower program at the PCAOB forward. While some praised the development, others cautioned it’s a redundant and flawed measure.
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ArticleSEC explores possible new rules on auditor independence
SEC Chairman Jay Clayton has instructed staff to follow up on concerns raised in public comments with respect to auditor independence requirements.
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ArticleBanks finalize CECL prep, but others have work to do
Big banks are making progress in preparing for CECL, but non-bank operating companies are likely to face a heavier lift as they approach the fourth quarter.
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ArticleLIBOR report suggests steep uphill climb still ahead
Despite warnings to prepare, financial institutions still face a lot of work and uncertainty around the demise of LIBOR, a new assessment suggests.